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Tax Filing Deadline Update

(April 18, 2018) The Internal Revenue Service announced yesterday that it is providing taxpayers an additional day to file and pay their taxes, or to file for an extension, following a system outage that surfaced on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra day. Individuals who file for an extension will have until October 15, 2018.

While the IRS announcement does not specifically address the impact of the 24-hour filing extension on various other time-sensitive activities tied to the tax filing deadline (such as making 2017 IRA contributions), the extension does not appear to apply to activities beyond the actual filing of tax returns (i.e., it does not appear that the extension provides IRA owners with the option of making a 2017 carryback contribution to an IRA on April 18, 2018).